This may be a stupid question to ask, but I just have to make sure.

Player A plays an attack. Rikuo player enhances with Blind Loyalty. Player A passes. Rikuo player then uses 3rd enhance on Rikuo to make attack blockable again. Both players pass enhances. Rikuo player blocks. My question is can the Rikuo player play a reversal from the effect of Blind Loyalty and the regular reversal for blocking or is it just one reversal for the block? I wasn't sure if Blind Loyalty created a floating effect or not.

Well, of course it sets up a floating effect, since the Enhance is played during the enhance step and then later on during the end of the attack's resolution it does "other stuff".

however Blind Loyalty says "you may play a Reversal from your hand as though [the] attack was blocked. " Which means it follows the normal restrictions of playing a Reversal off a blocked attack, so you may only play one.